"Full-time professionals in other fields, let's say dentists, bring a lot to the layman. But in aggregate, people get nothing for their money from professional money managers."

"You should invest in a business that even a fool can run, because someday a fool will."

"When a chief executive officer is encouraged by his advisors to make deals, he responds much as would a teenager boy who is encouraged by his father to have a normal sex life. It's not a push he needs." - common pitfall of an investment or investment advisory firm

"You can do pretty dumb things when you've got a big checkbook."

"It has become fashionable at public companies to describe almost every compensation plan as aligning the interests of management with those of shareholders. In our book, alignment means being a partner in both directions, not just on the upside. Many 'alignment' plans flunk this basic test, being artful forms of 'heads I win, tails you lose.'"

"Buy stocks like you buy your groceries, not like you buy your perfume." - Fund management is glamourous, but it may not be a good investment for investors."

"Your goal as an investor should be to purchase, at a rational price, a part interest in an easily-understandable business whose earnings are virtually certain to be materially higher five, ten and twenty years from now. Over time, you will find only a few companies that meet these standards - so when you see one that qualifies, you should buy a meaningful amount of stock. You must also resist temptation to stray from your guidelines: If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes."

"To be successful, you should concentrate on the world of companies, not arcane accounting mathematics."

"Buy companies with strong histories of profitability and with a dominant business franchise."